The company says that it has explored various opportunities for developing Atria Russia’s business.
As a result of the study Atria has today entered into an agreement to sell its Russian subsidiary OOO Pit-Product to the Limited Liability Company Agricultural Complex Mikhailovsky, part of the Cherkizovo Group.
The impact of the loss-making business on Atria Group’s net sales is approximately EUR 35 million. Atria has owned OOO Pit-Product since 2005.
The release does not state the selling price.
The transaction is expected to close during the first half of 2021. The transaction is subject to the approval of the Russian Competition Authority.
According to the company, translation differences accumulated from exchange rate changes will reduce the Group’s equity, so the entry will not have an effect on the Group’s equity or cash flow. Translation differences are recorded only after the final completion of the transaction.
According to the release, the final purchase price will be determined at the time of the transaction. The divestment is not expected to have any other significant effect on the consolidated result.
Source: Arvopaperi by www.arvopaperi.fi.
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